China: Tariffs by US would wipe out trade progress

GETTY Wilbur Ross said that the rules will make EU US trade difficult

Jay Anderson
|
04 June, 2018, 09:31

The warning came after delegations led by U.S. Commerce Secretary Wilbur Ross and China's top economic official Vice Premiere Liu He wrapped up a meeting on Beijing's pledge to narrow its trade surplus.

The US and China have been at loggerheads over trade and industrial practices for months.

No formal trade deals came out of that meeting, but China agreed last month to "significantly increase purchases of United States goods and services", according to a White House statement.

At the talks in Beijing this weekend, "the two sides had good exchanges of views on implementing the consensus reached in Washington, particularly in the areas of agriculture and energy", Xinhua reported. "China's attitude on a trade war remains the same and will always be consistent".

To meet the people's ever-growing needs for a better life and the requirements of high-quality economic development, China is willing to increase imports from other countries, including the United States, which will benefit people of both countries and the rest of the world, it noted.

"Reform and opening up and expanding domestic demand are China's national strategies".

China also said it won't be pushed into making major changes to its economic policies.

The negotiating process should be "based on the premise" of not fighting a "trade war", the statement said.

China says any trade and business deals will be void if the U.S. goes ahead with its threats of sanctions.

The two countries have threatened tit-for-tat tariffs on goods worth up to $150bn each.

He said Washington would use its move on Tuesday to slap punitive tariffs on Chinese imports as a bargaining chip.

There was no immediate comment from the USA delegation.

Ross was to have a dinner meeting with Vice-Premier Liu He at the guest house.

Ross, who was preceded in Beijing last week by more than 50 United States officials, is expected during the two-day visit to try to secure long-term purchases of U.S. farm and energy commodities to help shrink the USA trade deficit. Treasury Secretary Steven Mnuchin said then that the USA tariffs were suspended and the trade war "on hold". Treasury Secretary Steven Mnuchin, who announced the tariff truce with China, said at the G7 summit in Canada that the USA was pushing for "structural changes" to the Chinese economy.

Only two days ago, on Friday, steel and aluminium tariffs were imposed on the EU, Canada and Mexico. The U.S. team also wants to secure greater intellectual property protection and an end to Chinese subsidies that have contributed to overproduction of steel and aluminium.

On Saturday, Mattis said the Trump administration's recent decision to disinvite China from an upcoming naval exercise was an "initial response" to Beijing's aggressive activities. He also pushed back against the argument that Canadian steel poses a USA security threat.

That might alienate allies who share complaints about Chinese technology policy and a flood of low-cost steel, aluminum and other exports they say are the result of improper subsidies and hurt foreign competitors.

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